Broker David Ogilvy has sold his own listing for $21,000,000. The historians among you will quickly recall he did the same thing with this property in 2004! Back then, in a better market for Greenwich’s “Conyers Farm”, 25 Lower Cross fetched $45,000,000. 13 years later and a loss of a paltry $24M, the deal has been done again.
One of the un-heralded skills of brokering is the ability to get your seller to throw in the towel and just let the property sell. In this case, the seller waited two years, which, in the current market, is the mere blink of an eye. There are presently a dozen or two high-end properties (almost all w-a-a-y back country) passing their 10th year on the market, so I’m impressed with what happened here.
But what else happened here? Why is this spectacular place, which the current owner made even more spectacular during his time of ownership, selling for such an enormous loss? It’s not as though market punishment is being spread evenly. No, Conyers Farm for some reason bears the brunt. Other parts of town, particularly waterfront, but even mid-country, have owners showing handsome profits after 10+ years of ownership. For the nonce, Conyers takes the hit, but I truly believe it will rise again.
2017: What A Year!
Here’s a review of this year’s super high-end sales, so far:
- 9 Sabine Farm: $25M
- 460 North Street: $22M
- 25 Lower Cross Rd: $21M
- 116 Oneida Drive: $20.377M
- 60 Oneida Drive: $19.250M
- 7 Cobb Island Drive: $15.250M
- 200 Guards Road: $13.5M
- 6 Meadowcroft Lane: $13.065M